01:19 PM EDT, 09/17/2025 (MT Newswires) -- NewtekOne ( NEWT ) and Patriot Financial Partners said Wednesday that Patriot has exchanged all of its 20,000 series A convertible preferred shares and $10 million in cash for 2.3 million NewtekOne ( NEWT ) common shares.

With the exchange, Patriot relinquishes the right to convert the 20,000 shares of convertible preferred into 950,800 common shares and the newly issued stock is subject to a 2-year transfer restriction, the companies said.

The transaction is expected to increase NewtekOne's ( NEWT ) common equity tier one capital by $30 million to $286 million on a pro forma basis. When combined with proceeds from a recent offering of depositary shares, tier one capital is expected to increase to $335 million, the companies said.

NewtekOne ( NEWT ) shares were 1.3% higher in recent trading.

Price: 12.02, Change: +0.17, Percent Change: +1.43